KLP Kapitalforvaltning AS Sells 10,500 Shares of Customers Bancorp, Inc (NYSE:CUBI)

KLP Kapitalforvaltning AS cut its stake in shares of Customers Bancorp, Inc (NYSE:CUBI) by 64.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,700 shares of the bank’s stock after selling 10,500 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Customers Bancorp were worth $286,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CUBI. Allianz Asset Management GmbH lifted its stake in shares of Customers Bancorp by 34.9% in the first quarter. Allianz Asset Management GmbH now owns 8,500 shares of the bank’s stock worth $427,000 after acquiring an additional 2,200 shares during the period. Victory Capital Management Inc. raised its holdings in Customers Bancorp by 25.9% during the 1st quarter. Victory Capital Management Inc. now owns 6,782 shares of the bank’s stock worth $340,000 after purchasing an additional 1,396 shares during the last quarter. Arcus Capital Partners LLC acquired a new position in shares of Customers Bancorp in the 1st quarter worth approximately $305,000. Nisa Investment Advisors LLC boosted its stake in shares of Customers Bancorp by 3.8% in the 1st quarter. Nisa Investment Advisors LLC now owns 7,422 shares of the bank’s stock valued at $373,000 after purchasing an additional 270 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its position in shares of Customers Bancorp by 7.3% during the first quarter. Envestnet Asset Management Inc. now owns 19,075 shares of the bank’s stock worth $958,000 after buying an additional 1,298 shares during the period. Institutional investors own 89.29% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. B. Riley boosted their target price on shares of Customers Bancorp from $82.00 to $85.00 and gave the company a “buy” rating in a report on Monday. Stephens boosted their price objective on Customers Bancorp from $55.00 to $62.00 and gave the company an “equal weight” rating in a research note on Tuesday. Wall Street Zen raised Customers Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. DA Davidson lifted their target price on Customers Bancorp from $69.00 to $78.00 and gave the stock a “buy” rating in a report on Monday. Finally, Keefe, Bruyette & Woods increased their price target on Customers Bancorp from $70.00 to $71.00 and gave the stock a “market perform” rating in a report on Monday. Six equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $67.00.

Customers Bancorp Trading Down 2.0%

Shares of Customers Bancorp stock opened at $63.74 on Friday. The stock has a market capitalization of $2.01 billion, a PE ratio of 15.78 and a beta of 1.55. Customers Bancorp, Inc has a 52 week low of $40.75 and a 52 week high of $67.19. The stock has a 50 day moving average price of $57.86 and a two-hundred day moving average price of $53.60. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.98 and a current ratio of 0.98.

Customers Bancorp (NYSE:CUBI) last issued its earnings results on Thursday, July 24th. The bank reported $1.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.30. The company had revenue of $206.31 million for the quarter, compared to analysts’ expectations of $170.81 million. Customers Bancorp had a return on equity of 11.98% and a net margin of 10.77%. Customers Bancorp’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the business earned $1.49 EPS. As a group, equities analysts anticipate that Customers Bancorp, Inc will post 6.45 earnings per share for the current fiscal year.

About Customers Bancorp

Customers Bancorp, Inc operates as the bank holding company for Customers Bank that provides financial products and services to individual consumers, and small and middle market businesses. The company provides deposit banking products, which includes commercial and consumer checking, non-interest-bearing and interest-bearing demand, MMDA, savings, and time deposit accounts.